China falls to $170s/t cfr; Aramco posts April price down $10/t; sentiment continues weak

摘要

The sulphur market is weak. A lack of global demand and a cautious Chinese market plus a lacklustre downstream phosphates market have all combined to put downwards pressure on pricing. The Reliance sales tender concluded in the low/mid-$160s/t fob equates to the $170s/t cfr for China. BIds are $10/t below this level. Although stocks at the ports are low (falling marginally again this week to below 1.1mn t) multiple sources report healthy sulphur stocks at the phosphate producer level. In short, the Chinese are buying on an as-needed basis. The result is f oating cargoes head- ing for China unsold. The Chinese are nervous about Q2 DAP prices in India where although demand is good, the devalu- ation of the Rupee has seen bids for DAP fall $5-10/t. India should still provide a decent volume baseload for Chinese phosphate suppliers.